Buy now, pay later: how Afterpay went from a triumphant share issue to an Austrac investigation

Austrac says it suspects Afterpay breached anti-money laundering and counter-terrorism financing laws

Last week Australia’s financial watchdog, Austrac, ordered the popular buy now, pay later company Afterpay to appoint an external auditor over concerns about the company’s compliance with anti-money laundering and terrorism-financing laws.

Stocks in the company have tumbled, and questions are being asked about the timing of the audit – announced only a day after the company raised more than $300m in a share offering on the Australian stock exchange.

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Coalition awarded $1.4bn in grants in election lead-up – half without an open tender process

Battleground states of Victoria and Queensland were biggest beneficiaries, receiving $422m and $331m respectively

The Coalition awarded almost $1.4bn in grants through its regional development program in the lead-up to the election, with about half of the funding not subject to a competitive tender process.

The spending included grants made through the Stronger Communities program, a political slush fund that gives every lower-house MP $150,000 to spend on small community projects costing between $1,500 and $20,000. Almost $100m has been paid out under the scheme since it was first announced in the 2015 budget.

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Sydney fatal fall: arrest made after woman’s body found near Zetland unit block

Zixi Wang, 29, arrested north of Wollongong after woman dies after fall from Zetland apartment complex

Police have arrested a woman near rugged coastline south of Sydney after another woman plunged to her death from an inner city unit block.

The 23-year-old was discovered with critical injuries on a footpath at the back of the 11-storey complex on Rose Valley Way in Zetland about 8.45pm on Monday. Emergency services were called but she could not be revived.

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